Resolution No. 88-78 (;I I Y Or I 1GARL), OREGON
Rr--1SO1-Url(DN NO,
RESOLUTION RVQUESIMG LEAGLIE OF ORE ON MIUS 10 FOE AMICUS CMIM "Wr
WHERLYS. for many City of Tigard employees the 3CMA-RoUrvment Corporation's
deferred componsatiun plan has providod their basic retirement plan since
1973; and
WHEREAS, employees participating in this plan in other states are able to
invest Moir money in stock investments; and
WHEREAS, the !Lrn plan was chosen by the City because of its low maintenance
cost to MWWYOW, strong investment returns, portability to other public
"Wpqws, and superior oblit. employee--oriented services; and
WHEREAS, most employees want the stock option in Order to provide Mem-3olue-i '-x
balanced portfolio; and
WHEREAS, the recent decision of the Oregon Go"rt of Appeals in the case of
ICMA Retirawnt Curp. v. ExecutLwu Department, 92 OR App 188, decidod July 20,
1988 (the "lCMA case"), threatens to interfere with and perhaps end a system
of deferred compensation investments in corporate stocks which is important to
the career public administrators of this City and other Oregon cities. and
1CMA Retirement Corporation expects to petition the Supreme Court of Oregon
for a review and reuorsal of that. decision.
NOW, THEREFORE, BE IT RUMVED by the Tigard City Council that:
1. The City rectuest that the League of Oregon Cities file a friend or the
court brief with the Supreme Court UF OrMun urging that: the Suprowu
Court review and reverse the decision of the Court, of Appeals in the
1CMA case.
PASSED: This day of _-tj4l ft JU
A FT EST: ity of Tigard
Deputy Recorder City of-Tigard
APPROT AS TO FORM:
N,
/Xiftzy Recorder
RESOLU1TION NO. 88-_L-
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